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Ponni Sugars (Erode) has informed the exchanges that the Tamil Nadu Government has exempted the purchase of sugarcane from VAT but simultaneously imposed VAT at 5 per cent on sugar of all kinds. “In view of there being no VAT on sugar in the surplus producing regions of Karnataka and Maharashtra, Tamil Nadu sugar mills would be at a competitive disadvantage and their pricing power would get adversely impacted by reason of the 5 per cent impost of VAT on sugar produced in the State of Tamil Nadu,” the company said. As a result, the profitability of the company would be under increased stress, it added. However, its shares gained 2 per cent at ₹163 on the NSE.
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